The number of distressed homes looming in “shadow inventory” dropped 18 percent in January compared to a year ago, according to the latest report by CoreLogic. The shadow inventory now encompasses about 2.2 million homes, or about a nine-month supply at the current sales pace, according to CoreLogic.
In January 2010, the shadow inventory had peaked at 3 million. Since that time, it has fallen 28 percent.
Shadow inventory reflects the percentage of homes seriously delinquent or in foreclosure, and REO properties that a lender holds that have yet to be listed for sale on the MLS.
Posting some of the largest drops in shadow inventory in the past year are Arizona (down 40 percent from a year ago), California (33 percent), Colorado (27 percent), Michigan (25 percent), and Wyoming (23 percent).
“At this point in the recovery, we are seeing healthy reductions across much of the nation,” says Anand Nallathambi, president and CEO of CoreLogic. “As we move forward in 2013, we need to see more progress in Florida, New York, California, Illinois, and New Jersey, which now account for almost half of the country’s remaining shadow inventory.”
The author of this article is: realtormag.realtor.org
See the original post at: http://realtormag.realtor.org/daily-news/2013/03/27/shadow-inventory-threat-reduced
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